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Flashcards in ESTATES IN LAND Deck (34)
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1
Q

Fee Simple Absolute (2)

A
  1. potentially infinite DURATION

2. MUST be fully ALIENABLE (no direct restraints)

2
Q

Right of 1st refusal (FSA EXCEPTION)

A

option to buy by 3rd p before it can be sold to anyone else

3
Q

FSA creation

A

CL: “To A and her heirs”

MAJORITY CHANGE: presumed unless clear intent otherwise

4
Q

Fee Tail

A

@ CL a device to lock the property into grantee’s family

  1. “to A and the heirs of his/her body” OR
  2. “to A and his/her bodily heirs”

*this language presumed unless asked to apply CL

5
Q

Life Estate

A
  • created express or implied

- grantees life is measuring life

6
Q

LE pur Autre vie

A

(life estate measure by the life of another)

“to tarzan for the life of jane”

CL: if tarzan dies but jane is still alive, SEISIN VACANT– ANYBODY TAKES

MAJ: goes to tartans estate, LE continues in place until jane measuring life dies

7
Q

Life Estate (restraint on alienation)

A

MODERN RULE allows to terminate IF life estate tenant attempts to convey away LE

8
Q

Voluntary Waste

A

affirmative action beyond right of maintenance that causes harm to premises

(may be liable to holder of FUTURE INTEREST)

9
Q

“Open Mines Doctrine”

A

depletion of natural resources is wasted UNLESS the consumption constitutes “normal use” of the land

ex. life estate in a coal mine or granite quarry
* sale of havestable crops does not involve waste

10
Q
Permissive Waste
(3 MUSTS to avoid liability)
A
  1. MUST make ordinary repairs
  2. MUST pay ALL taxes on prop
  3. MUST pay INTEREST on any mortgage indebtedness
11
Q

Ameliorative Waste

A

alters property substantially but activity increases value of land

(if changed conds have made prop relatively worthless, can alter without incurring liability)

12
Q

Seisin

A

holder of seisin is taxpayer

13
Q

Future Int retained by GRANTOR (3)

A
  1. reversion
  2. possibility of reverter
  3. right of entry
14
Q

Future Int retained by GRANTEE (2)

A
  1. remainder

2. executory int

15
Q

Reversion in g’or

A

whenever the g’or conveys away less than the durational estate g’or had

ex. To A for life

16
Q

Possibility of reverter

A

whenever G’OR conveys FSD, automatically retains

“so long as”, “while”, “during”

17
Q

Right of Re-entry (or power of termination)

A

G’or conveys a FEE SIMPLE ON COND SUBSEQUENT with an EXPRESS RESERVATION

“provided however”, “but if”, “on condition that”

18
Q

Reversions (transfer) (3)

A
  • NOT subject to rap
  • free transfer on DEATH
  • free transfer INTER VIVOS
19
Q

Possibility of Reverter (transfer) (3)

A
  • NOT subject to rap
  • free transfer on DEATH
  • free transfer INTER VIVOS
20
Q

Right of Entry (3)

A

-NOT subject to rap
-NO free transfer INTER VIVOS
((CAN BE IN FLORIDA))
-free transfer on DEATH

21
Q

Vested remainder in G’ee

A

when nothing stands in the way of becoming possessory on the natural expiration of preceding estate

22
Q

Contingent remainder in G’ee

A

condition that MUST be satisfied before interest becomes POSSESSORY

*if g’ee NOT in existence at time of conveyance, remainder is contingent on that g’ee being born

23
Q

“vested remainder subj to open” (class gifts)

A

when remainder int conveyed to group of UNNAMED PERSONS whose members are NOT FULLY KNOWN

ex. to the children of A

24
Q

Rule of Convenience

A

class CLOSES for class gift when ANY class member entitled to a distribution

*this is a rule of construction, apply unless evidence otherwise of g’ors clear intent

25
Q

Executory Interest

A

cuts short the estate that comes before it

26
Q

“vested remainder subj to an exec int”

AKA

A

vested remainder subj to total divestment

OR

vested remainder subj to an exec int

“but if, then to”

27
Q

Defeasible Fees

A

(i) FSD (ii) FS subject to cond subseq (iii) FS subject to exec int

28
Q

Rule Against Perpetuities

A

No int is valid unless it must vest within 21 years after death of some life in being who was alive when conveyance was made

Always applies to: (i) exec int (ii) continent remainders (iii) vested remainders subj to open

29
Q

RAP validity

A

determined AT THE TIME CONVEYANCE IS MADE

30
Q

RAP (transfer by will effective..)

A

at time of TESTATORS DEATH

31
Q

RAP (transfer by deed effective..)

A

at time deed TAKES EFFECT

32
Q

Uniform Statutory RAP

A

codifies CL rule and provides for alternative 90 year vesting period (“wait and see” approach)

*FLORIDA LAW has enacted US RAP

33
Q

RAP “Savings Clause”

A

included to save a grant from violating RAP, making sure vesting MUST occur within time period of rule

“during the lifetime of A or B within 21 years after the death of the survivor of A or B…”

34
Q

RAP “Charity to Charity Exception”

A

doesn’t violate if BOTH transferees are charities